Declaration of trust on a property?

Hi, me and my boyfriend have bought a house together. As he could not get a mortgage it adjectives went in my describe. He has just have drawn up a declaration of 50/50 split. I just want to ensure I rightfully understand what this means?

Thanks
Answers:
I'd not sign anything your boyfriend has drawn up unless it's be checked by a lawyer.

It means, surrounded by principal that you have a 50/50 share in any equity contained by the house.

If you don't know what that means, you really do need a legal representative. Source(s): I'm a lawyer
You have only just purchased the house so ideally you should ask your solicitor.

Trying to keep it simple I doubt that your Q heading ' declaration of trust' is correct as to create a trust the trust property have to be properly 'vested' ie. properly recorded ( according to the rules applicable to the type of property ) in your armour with title held by the trustees and the beneficiaries clearly stated.

I suspect that what you have done is pooled your assets putting down a deposit contained by whatever % that might be from each of you, next the responsibility of the mortgage loan is down to you. Therefore if only you are making the payments you are building up an asset from your resources which might actually benefit him.Off course he might be totalling value in some other opening which is exactly what solicitors look at if couples divorce - eg husband earns cash, wife contributes 'value' by housekeeping, child support, decorating etc. etc.

Getting to the crunch, property is held either as 'tenants surrounded by common' or 'joint tenancy' that is in any clearly declared proportions which each side can leave or dispose of as they longing or in a sort of russian roulette all mixed up together where on earth they own it both and the survivor takes the lot. To change the arrangements have to be done properly so frankly, armed with this basic inf. I really do urge you to budge back to your solicitor and I'm surprised this wasn't explained to you by them at the time.
Do you be a sign of He as in the solicitor or your boyfriend?

By the mortgage being solely within your name, it means merely you are responsible for the repayments as well as the fact that the house belongs to you.

Therefore you obligation to make sure that anything you sign correctly divides up not only the ownership of the house, BUT the responsibility to pay for the mortgage.
It means that even though you enjoy the legal title, you're holding the house on behalf of you and your boyfriend equally. So you would have to split the money beside him if you sold it.


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